Carriers Have Opportunity to Uncover Hidden Risks and Potential Claims Leakage to Better Understand Their Business

HVACi’s 2020 Annual Claims Report provides carriers with data on thousands of actual claims

HVAC Investigators (HVACi), the nation’s leading provider of HVAC Refrigeration damage assessments for Property and Casualty (P&C) insurance carriers, announced the release of its 2020 Annual Claims Report. The report provides an analysis of actual 2019 claim data and offers carriers compelling insights into risk management and claim leakage control.

Consistent with previous reports, this year’s findings once again illustrate the critical need for carriers to partner with a third-party expert to evaluate HVAC losses to better control indemnity leakage. For example, as the report notes, 51% of claimed perils investigated by HVACi were recategorized, with 15% of all claimed systems found in proper working condition at the time of the independent assessment. Furthermore, carriers that used an objective, third-party firm realized on average $4,647 in accuracy per residential HVAC claim and $18,925 in accuracy per commercial claim.

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The 2020 report delves into each policy line to provide a thorough analysis for carriers to compare with their own policy data. This report is compiled annually from many thousands of claims referred to HVACi by the nation’s top carriers in all 50 states. It is distributed at no cost to P&C insurance carriers nationwide to help fulfill HVACI’s mission of providing transparent data to improve the insurance industry.

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According to Damon Stafford, CEO of CCG IQ, HVACi’s parent company, “Our Annual Claims Report offers carriers an opportunity to review their own policy and historical claims data to see where they may have hidden risks or a potential to better understand their claim exposure. I hope they use this data analysis as a tool to make better underwriting and claims decisions.”

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